Authors: Lane P. R.; Milesi-Ferretti G.M.

Source: Applied Economics, Volume 34, Number 5, 20 March 2002 , pp. 549-553(5)

Publisher: Routledge, part of the Taylor & Francis Group

Abstract:

Smooth adjustment to real exchange rate shifts is one of the major challenges facing the Irish economy under EMU. Rather than assume purchasing power parity, the long-run real exchange rate is modelled as time-varying, being determined by relative output levels, the terms of trade and the net foreign asset position. It is shown that these factors account for a large proportion of the long-run movement in the Irish real exchange rate.

Language: English

Document Type: Research article

Publication date: 2002-03-20

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